Amazon.com 2011 Annual Report Download - page 44

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AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year Ended December 31,
2011 2010 2009
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ............. $3,777 $ 3,444 $ 2,769
OPERATING ACTIVITIES:
Net income ......................................................... 631 1,152 902
Adjustments to reconcile net income to net cash from operating activities:
Depreciation of fixed assets, including internal-use software and website
development, and other amortization ............................... 1,083 568 378
Stock-based compensation ......................................... 557 424 341
Other operating expense (income), net ............................... 154 106 103
Losses (gains) on sales of marketable securities, net ..................... (4) (2) (4)
Other expense (income), net ....................................... (56) (79) (15)
Deferred income taxes ............................................ 136 4 81
Excess tax benefits from stock-based compensation ..................... (62) (259) (105)
Changes in operating assets and liabilities:
Inventories ..................................................... (1,777) (1,019) (531)
Accounts receivable, net and other .................................. (866) (295) (481)
Accounts payable ................................................ 2,997 2,373 1,859
Accrued expenses and other ........................................ 1,067 740 300
Additions to unearned revenue ...................................... 1,064 687 1,054
Amortization of previously unearned revenue .......................... (1,021) (905) (589)
Net cash provided by operating activities ......................... 3,903 3,495 3,293
INVESTING ACTIVITIES:
Purchases of fixed assets, including internal-use software and website
development ...................................................... (1,811) (979) (373)
Acquisitions, net of cash acquired, and other .............................. (705) (352) (40)
Sales and maturities of marketable securities and other investments ............ 6,843 4,250 1,966
Purchases of marketable securities and other investments .................... (6,257) (6,279) (3,890)
Net cash used in investing activities ............................. (1,930) (3,360) (2,337)
FINANCING ACTIVITIES:
Excess tax benefits from stock-based compensation ......................... 62 259 105
Common stock repurchased ............................................ (277) — —
Proceeds from long-term debt and other .................................. 177 143 87
Repayments of long-term debt, capital lease, and finance lease obligations ....... (444) (221) (472)
Net cash provided by (used in) financing activities .................. (482) 181 (280)
Foreign-currency effect on cash and cash equivalents ........................ 1 17 (1)
Net increase in cash and cash equivalents ................................. 1,492 333 675
CASH AND CASH EQUIVALENTS, END OF PERIOD .................... $5,269 $ 3,777 $ 3,444
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on long term debt .................................. $ 14 $ 11 $ 32
Cash paid for income taxes (net of refunds) ............................... 33 75 48
Fixed assets acquired under capital leases ................................. 753 405 147
Fixed assets acquired under build-to-suit leases ............................ 259 172 188
See accompanying notes to consolidated financial statements.
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